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Aluminium

OBSERVATIONS:

Aluminium trading range for the day is 198.6-203.

Aluminium gains as global manufacturing sector recovery continues in 2024

Persistent macroeconomic headwinds in China, continued to hamper the outlook for metals.

Share of Russian aluminium in LME warehouses remains at 90%

BUY ALUMINIUM FEB @ 200 SL 198 TGT 202-203. MCX

Copper

OBSERVATIONS:

Copper trading range for the day is 700 - 712.

Copper prices dropped on the back of U.S. inflation data.

Federal funds futures currently price in no rate cut in March and a lower than 50% chance of easing in May

In January indicates that world copper mine production increased by approximately 1% over the first 11 months of 2023.

BUY COPPER FEB @ 705 SL 702 TGT 709-712. MCX

Zinc

OBSERVATIONS:

Zinc trading range for the day is 203.7-211.7.

Zinc gains as Russian new Ozernoye mine has delayed the start of zinc concentrate production

Zinc inventories have rebounded recently as demand has been hit by China's property troubles.

China's refined zinc output in December 2023 was 590,900 mt, an increase of 2.05% month-on-month

BUY ZINC FEB @ 206 SL 204 TGT 208-210. MCX